Buying insurance tends to be a complicated process for individuals and organizations alike. Finding a multitude of plans to cover various distinct needs makes the experience far from straightforward and simple. This is why Atlanta-based Accelerant developed a data platform with SMBs in mind. The company just secured $193 million in equity funding led by Eldridge to further its solution.
Accelerant’s platform, InSightFull, equips the company’s managing general underwriters (MGUs) with the data insights, tools and support they need to find, understand and underwrite businesses’ niche risks. To date, its member MGUs underwrite more than 300,000 plans for SMBs.
The need for a solution like InSightFull arose from SMBs being historically underserved by the insurance industry at large, with not enough coverage offerings to meet their unique needs, according to Accelerant. In turn, the underwriting teams that support these companies have been hindered by a lack of modern technology that would enable them to properly understand and exchange risk. Because of this, the insurance value chain has grown in complexity and it’s difficult for SMBs to find the right coverage.
“That changed with Accelerant. We’ve brought much-needed transparency and efficiency to the space,” a company representative told Built In via email. “Our technology, and ultimately data, is our competitive advantage — it ensures that our members are able to more successfully and efficiently serve their niche small business customers while making the overall process more efficient, transparent and fair.”
Valued at $2.2 billion following its latest round, Accelerant plans to scale its team, continue investing in its platform and expand its presence to new geographical footprints. Currently, the company operates out of the U.K., Malta and Belgium, in addition to its Atlanta HQ.
“We want to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers and ultimate risk-bearers,” the company said.